Misbehaviour Productions Limited Company accounts

Misbehaviour Productions Limited Company accounts

MISBEHAVIOUR PRODUCTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11587479
Misbehaviour Productions Limited
Unaudited Accounts
31 January 2020
Misbehaviour Productions Limited
Accounts
Period from 1 March 2019 to 31 January 2020
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the accounts
5
The following pages do not form part of the accounts
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory accounts
10
Misbehaviour Productions Limited
Directors' Report
Period from 1 March 2019 to 31 January 2020
The directors present their report and the unaudited Accounts of the company for the period ended 31 January 2020 .
Directors
The directors who served the company during the period were as follows:
S Mackie
A Scarso
CN Luque Reader
(Resigned 22 October 2019)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 April 2020 and signed on behalf of the board by:
S Mackie
Director
Misbehaviour Productions Limited
Statement of Comprehensive Income
Period from 1 March 2019 to 31 January 2020
Period from
Period from
1 Mar 19 to
25 Sep 18 to
31 Jan 20
28 Feb 19
Note
£
£
Turnover
1,205,029
7,053,866
Cost of sales
( 1,489,234)
( 8,710,766)
------------
------------
Gross loss
( 284,205)
( 1,656,900)
---------
------------
Operating loss
( 284,205)
( 1,656,900)
---------
------------
Loss before taxation
( 284,205)
( 1,656,900)
Tax on loss
4
284,205
1,656,900
---------
------------
Result for the financial period and total comprehensive income
–
–
---------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the period as set out above.
Misbehaviour Productions Limited
Statement of Financial Position
31 January 2020
31 Jan 20
28 Feb 19
Note
£
£
Current assets
Debtors
5
299,067
1,916,550
Cash at bank and in hand
99,669
1,529,454
---------
------------
398,736
3,446,004
Creditors: amounts falling due within one year
6
( 398,735)
( 3,446,003)
---------
------------
Net current assets
1
1
----
----
Total assets less current liabilities
1
1
----
----
Net assets
1
1
----
----
Capital and reserves
Called up share capital
7
1
1
----
----
Shareholders funds
1
1
----
----
These Accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its Accounts for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Accounts .
These Accounts were approved by the board of directors and authorised for issue on 15 April 2020 , and are signed on behalf of the board by:
S Mackie
Director
Company registration number: 11587479
Misbehaviour Productions Limited
Statement of Changes in Equity
Period from 1 March 2019 to 31 January 2020
Called up share capital
Profit and loss account
Total
£
£
£
At 25 September 2018
–
–
–
Profit for the period
–
–
Issue of shares
1
–
1
----
----
----
Total investments by and distributions to owners
1
–
1
At 28 February 2019
1
–
1
Profit for the period
–
–
----
----
----
At 31 January 2020
1
–
1
----
----
----
Misbehaviour Productions Limited
Notes to the Accounts
Period from 1 March 2019 to 31 January 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, London, WC2H 7DQ, England.
2. Statement of compliance
These Accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Accounts are prepared in sterling, which is the functional currency of the entity.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Significant estimation technique adopted
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. Payments received on account are estimated by reference to percentage of completion of the television production, as noted in "Turnover" above.
Comparatives
The accounts cover the period from 1 March 2019 to 31 January 2020. The comparatives cover the period from incorporation through to 28 February 2019.
The accounting period has been shortened to ensure that the accounting period and tax credit claim is conterminous.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover relates to the production of the film "Misbehaviour". It represents the value of the work done in the period, including estimates of amounts not invoiced and is stated after trade discounts, other taxes and net of VAT. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4. Tax on loss
Major components of tax income
Period from
Period from
1 Mar 19 to
25 Sep 18 to
31 Jan 20
28 Feb 19
£
£
Current tax:
UK current tax income
( 284,205)
( 1,656,900)
---------
------------
Tax on loss
( 284,205)
( 1,656,900)
---------
------------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than (2019: lower than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).
Period from
Period from
1 Mar 19 to
25 Sep 18 to
31 Jan 20
28 Feb 19
£
£
Loss on ordinary activities before taxation
( 284,205)
( 1,656,900)
---------
------------
Film tax relief
(284,205)
(1,656,900)
---------
------------
5. Debtors
31 Jan 20
28 Feb 19
£
£
Trade debtors
–
237,299
VAT recoverable
14,861
–
Corporation tax recoverable
284,205
1,656,900
Other debtors
1
22,351
---------
------------
299,067
1,916,550
---------
------------
6. Creditors: amounts falling due within one year
31 Jan 20
28 Feb 19
£
£
Trade creditors
–
408,193
Accruals and deferred income
114,530
604,780
Social security and other taxes
–
776,130
Production loan
284,205
1,656,900
---------
------------
398,735
3,446,003
---------
------------
The loan has been secured against the anticipated future film tax credit.
7. Called up share capital
Issued, called up and fully paid
31 Jan 20
28 Feb 19
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1.00
100
1.00
----
-----
----
-----
8. Contingent liabilities
Charges have been made against the film in favour of the following parties to secure their interests in the copyright of and title to the film: Film Finances, Inc. Rococo Films Limited Path Productions Limited
9. Related party transactions
The company was under the control of Rococo Films Limited throughout the current period. The company has taken advantage of Section 33 of FRS 102 from disclosing transactions entered into between two or more members of a group, where any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group. During the year all transactions related to the production of the film "Misbehaviour" and arose on an arm's-length basis through the normal course of business. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
10. Controlling party
In the opinion of the directors there is no ultimate controlling party. The parent undertaking is Rococo Films Limited, a company incorporated in England and Wales.
Misbehaviour Productions Limited
Management Information
Period from 1 March 2019 to 31 January 2020
The following pages do not form part of the accounts.
Misbehaviour Productions Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Misbehaviour Productions Limited
Period from 1 March 2019 to 31 January 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the Accounts of Misbehaviour Productions Limited for the period ended 31 January 2020, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Misbehaviour Productions Limited, as a body, in accordance with the terms of our engagement letter dated 8 March 2019. Our work has been undertaken solely to prepare for your approval the Accounts of Misbehaviour Productions Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Misbehaviour Productions Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Misbehaviour Productions Limited has kept adequate accounting records and to prepare statutory Accounts that give a true and fair view of the assets, liabilities, financial position and profit of Misbehaviour Productions Limited. You consider that Misbehaviour Productions Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the Accounts of Misbehaviour Productions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory Accounts.
SHIPLEYS LLP Chartered accountants
10 Orange Street Haymarket London WC2H 7DQ
15 April 2020